While I can appreciate the value of insurance to limit risk exposure, I have to add a couple stories from my relatives' recent experience.
I had an aunt and uncle who had done very well with their pensions, savings, investments, real estate. She was a retired state healthcare official in San Fran and he was a retired CalTrans engineer who also retired full commander in USNR. They lived super frugally and were very, very well off.
Both also had LTC policies that they paid premiums for years and while they started policies somewhat early, (late 40's early 50's) over the years their premiums added up significantly.
The day they needed LTC, it wasn't a super straight forward process. Both had dementia (one more severe than the other) and it was hard to keep up with everything but eventually we got it straightened out ( one company was quite slow in getting things going and our legal assistant had to play bad cop to get things expedited ).
The sad story is that both were in LTC facility for less than 2 years and they didn't get their money's worth, not by a long-shot. They had enough resources to pay out-of-pocket. But another point is they could've taken all those year's of premiums and applied them to an S&P Index, or any decent interest-bearing account with low expenses and moderate returns.
I did some basic research and discovered that for most people, the average LTC is usually less than two (2) years. Why? Because when you get to that stage where that level of care is needed (again for MOST PEOPLE), you are likely in the downward spiral. Of course, each person is different and your mileage may vary.
Another thing we discovered was the appointed executor of our aunt's estate reviewed the LTC and told us it wasn't a very good one and really didn't have much protection for inflation but since she had one she should use as needed. As with any policy, caveat emptor. Our Aunt and Uncle were accomplished people and were pretty sharp when they were young but once they got closer to retirement, they didn't research their options too well. At least that would explain the cost of and type of LTC policies they got.
As for me and DW, we're planning on geographic arbitrage which will likely involved "age in place" with healthcare visits and caregivers in another less costly country.